The Apple Card from Goldman Sachs is one of the most popular credit cards on the market and is also extremely popular with WalletFlo users.
I’ve been a fan of the card for a while based largely on the transparency, security, and simplicity that it offers.
The card also has some decent rewards as it earns:
- 3% on Apple purchases
- 2% on Apple Pay purchases
- 1% back on all other purchases
But now Apple is adding more value to this card by allowing users to more easily build credit and manage spending as a family.
In May, you will be able to add up to five people to your Apple Card (all users must be part of the same Family Sharing group and be 13 years of age or older).
You’ll be able to control the spending of other users within the app by setting spending limits and monitoring the spend in a user-friendly interface.
Other issuers such as Amex already offered this in the form of authorized users but this looks like an even simpler way to do this and the age 13 limit is pretty low which will be very helpful for starting your kids out young.
You can also share your account with any eligible customer who is 18 years or older by adding them as a co-owner.
Sharing your account provides a better opportunity to build credit history together and Apple will actually allow you to keep the lower APR of the two accounts.
Typically, authorized users do not benefit the same as the primary card member but if they are designated as a joint owner they should reap the same level of credit building benefits.
This co-owner status is not very common with credit card issuers, so it’s great to see Apple making this accessible. I think it is going to be a great way to simultaneously build credit together.
I’m really interested to find out more details about how the joint ownership process will work.
Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.